SABIC, Mitsubishi Rayon sign SR4.5bn deal for 2 plants
DUBAI: A joint venture of Saudi Basic Industries Corp. (SABIC) and Mitsubishi Rayon has signed a contract to construct two plants in the east of the Kingdom worth SR4.5 billion ($1.2 billion), a statement said on Thursday.
The plants at Jubail Industrial City will be built by Taiwan’s CTCI Corporation, with one producing annually 250,000 metric tons of Methyl Methacrylate Monomer (MMA) and the other 40,000 metric tons of Poly Methyl Methacrylate (PMMA) a year.
Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year. The project will be funded by the partners’ own cash as well as bank financing, the statement added.